The 1994 Toyota MR2 got a standard passenger-side airbag, new tail lamps, and some adjustments to the suspension. Air conditioning and a spoiler became standard in the base model.

The 1994 MR2 came in three trims: a coupe, a T-bar, and a T-bar turbo. The turbo T-bar was the high-end version, with power windows and locks coming standard. The regular engine was a 2.2-liter, 135-horsepower four-cylinder. The turbo charged version was 2.0-liters and offered 200 horsepower. It came standard with a five-speed manual transmission, but was available with a four-speed automatic. The 1994 MR2 was rear-wheel drive, with the engine mounted behind the seats. Fuel economy was about 20/27.

The 1994 Toyota MR2 has a loyal following of fans. Many love the car for its handling and power, saying it is fun to drive and has plenty of pep.